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THE majority of businesses are not prepared for a possible no-deal Brexit following the fallout from the pandemic, according to a poll.
The Institute of Directors (IoD) warns today of a potential “double hit” from Covid-19 and leaving the EU without a trade deal.
Almost half of 1,000 company directors surveyed said they were not fully prepared for the end of the Brexit transition period in December, while nearly a quarter said their company may not be ready in time.
Around a quarter said they did not expect Brexit to affect their organisation, while one in 10 did not believe the pandemic would magnify the impact of a no-deal Brexit on their organisation.
IoD senior policy adviser Allie Renison said that much of businesses’ time had been spent on reacting to the demands of the pandemic rather than preparing for Brexit.
“On top of this, much of the information companies need is still subject to negotiations,” Ms Renison added.
Shadow business secretary Ed Miliband said: “It is vital that Boris Johnson delivers the oven-ready trade deal he promised was ready and then answers the questions so many businesses are asking about the future arrangements they need to plan for.”
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